PJSC Magnitogorsk Iron & Steel Works (“MMK”, or the “Group”) (MOEX: MAGN; LSE: MMK) is pleased to announce its Trading Update for Q2 and H1 2022.

KEY INDICATORS FOR Q2 2022 VS Q1 2022

• Pig iron output decreased by 8.1% quarter-on-quarter (q-o-q) to 2,065 thousand tonnes amid blast furnace overhauls and lower demand for pig iron due to weak demand for metal products.

• Steel output declined by 7.9% q-o-q to 2,892 thousand tonnes due to market headwinds.

• MMK Group’s sales of metal products fell by 18.1% q-o-q to 2,362 thousand tonnes, driven by demand contraction for metal products in Russia, existing limitations and unfavourable export market conditions. Sales of premium products were also down, with their share in the sales portfolio standing at 43.7%.

• Coal concentrate production totalled 923 thousand tonnes, up 9.5% q-o-q, due to the increased processing of own coals.

KEY INDICATORS FOR H1 2022 VS H1 2021

• Pig iron output decreased by 17.3% year-on-year (y-o-y) to 4,318 thousand tonnes due to lengthy overhauls at blast furnace operations and an unfavourable market environment.

• Steel output contracted by 9.5% y-o-y to 6,063 thousand tonnes due to lower demand amid headwinds in the current market for metal products.

• MMK Group’s sales of metal products fell by 15.7% y-o-y to 5,246 thousand tonnes, reflecting lengthy equipment overhauls at the beginning of the year, existing restrictions on export markets, the significant slowdown in business activity in Russia and the challenging global market environment in Q2 2022. The share of premium products in the sales portfolio for H1 2022 stood at 45.4%.

• Production of coal concentrate increased by 4.5% y-o-y to 1,765 thousand tonnes, driven by MMK’s stronger demand for third-party supplies of coking coal grades.

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